WiSA Technologies (NASDAQ: WISA) today announced the execution of a definitive asset purchase agreement to purchase the Datavault(R) intellectual property and information technology assets of privately held Data Vault Holdings Inc. WiSA will pay $210 million as consideration, consisting of 40 million shares of common stock to be issued at $5 per share plus a $10 million 3-year unsecured promissory note. The transaction is expected to close before December 31, 2024, subject to customary conditions and approvals. The purchase will create a publicly traded data technology and licensing company with an extensive patent portfolio serving multiple industries and government entities in bioengineering, energy, education, finance and fintech, healthcare, sports entertainment, consumer, restaurants, automotive, and more.
“This exciting transaction leverages our public company structure, creating a larger, more dynamic entity with broad reach in multiple, rapidly growing markets,” said Brett Moyer, CEO of WiSA Technologies. “Datavault’s substantial IP portfolio significantly amplifies our spatial audio technology and adds powerful High-Performance Computing (“HPC”) assets. Further, Nate Bradley brings his exceptional track record of successfully commercializing IP for five companies over 30 years. I look forward to joining forces to work together and create shareholder value for WiSA investors.”
To view the full press release, visit https://ibn.fm/fjr6z
About WiSA Technologies, Inc.
WiSA Technologies is a leading provider of immersive, wireless sound technology for intelligent devices and next-generation home entertainment systems. Working with leading CE brands and manufacturers such as Harman International, a division of Samsung; LG; Hisense; TCL; Bang & Olufsen; Platin Audio; and others, the company delivers immersive wireless sound experiences for high-definition content, including movies and video, music, sports, gaming/esports, and more. WiSA Technologies is a founding member of WiSA(TM) (the Wireless Speaker and Audio Association) whose mission is to define wireless audio interoperability standards as well as work with leading consumer electronics companies, technology providers, retailers, and ecosystem partners to evangelize and market spatial audio technologies driven by WiSA Technologies. The company is headquartered in Beaverton, Oregon with sales teams in Taiwan, China, Japan, Korea, and California. For more information about WiSA Technologies, visit www.WiSATechnologies.com.
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